Question

Which of the following statements best describes the economic theories of Adam Smith?

Answer 1

Government ought to answer most economic questions for citizens and corporations.
Private individuals and businesses ought to answer most economic questions for themselves.
Public and private entities ought to share the responsibility for answering economic questions.
The church and similar public institutions ought to answer most economic questions.

Answer 2

Adam smith attacked mercantilism and advocated free trade. He believed that gold and silver was not the source of a nation's true wealth and that labor -- the labor of farmers, artisans, and merchants -- constituted the true wealth of a nation. Also advocated a laissez-faire economy. His theory must have been accepted because it laid the foundation for what became known as economic liberalism. So now u can figure out which is the right option.